On May 14, 2020, the German Bundestag (Federal Parliament) approved the Federal Government's draft bill on the distribution of brokerage fees when brokering sale and purchase agreements for apartments and single-family homes. According to the bill, the buyer will in future pay a maximum of 50 percent of the total brokerage fees for the purchase of real estate.
The ongoing spread of the COVID-19 pandemic is not only challenging and changing our everyday lives, it also cripples large parts of economic life worldwide.
The construction industry is particularly affected. Developers are forced to temporary postpone or even fully stop construction activities, either because of interrupted supply chains, due to a reduced workforce resulting from inner-European border closures or due to stricter safety measures to be observed by the developer resulting from labour law. These are all direct results from various ordinances and protective measures by authorities.